Question by krayz: do you have income with a reverse mortgage loan?
I’m having trouble finding the law that states the answers for these. I’m only looking for the law that will answer my questions.
When I take my monthly draw from the bank from my reverse mortgage loan is that considered income? Also can I deduct the interest when it is added to the outstanding loan balance each month.
Best answer:
Answer by FreakOfNature2000
Yes you get a monthly income based on your situation but its a big rip off. Don’t do it.
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Question by The Mace: I’m trying to get a hold of someone at Chase Home Finance that deals with problems.?
I’m trying to solidify my loan w/Chase Home Finance but they farm out the jobs to third world countries (Philippines). I’m always put on hold or the call is disconnected. I cannot get a hold of anyone that can help in the US and it’s getting really frustrating. Can someone provide an email address, more about of Chase Home Finance folks (professionals hopefully), this web that I can talk to or someone who can actually look into or solve my pay-off problem?
Best answer:
Answer by David
So is everyone else.
That is why you shouldn’t use chase.
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Question by **4-22-2010**: Will home interest rates go back down or are the going to continue rising?
Want to refinance my home, visit this site Wondering if I should wait a little bit, more about or do it now before they really start to climb back up.
Best answer:
Answer by John
They’re going to continue to rise, so if you’re looking to refinance you should try to do it now (though if your house doesn’t appraise for what you owe on it, you *may* not be able to)
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If the professionals knew, they’d make a killing. They don’t. Everyone has their own opinion. The basic lending rate from bank to bank (fed funds rate) will stay low for a while more (6 months out at least before raising the benchmark rate).
Your guess is as good as mine.
Your best bet is to get an application together and approved at a lender. Then, you can watch the rates every day and if you get a nice spike downward, you can lock at that time. Day to day no one knows what is going to happen, but in the longer term, the trend will definitely be upwards as increased government borrowing and consumer defaults put increased pressure on the capital markets.
The bond market had been driving bond prices down (people selling low yield bonds and buying stocks for hopefully a better return), and the result had driven interest rates on the 2, 5, 10, 20, 30 year Treasuries higher.
The massive government so called “stimulus” and other gov spending can also drive rates higher.
The result of this has been higher near term interest rates.
China had been a big buyer of US Treasury Bonds (US debt). China has been so concerned about US deficit spending that Obama sent Treasury Secretary Geithner to China to reassure them that we will control our gov spending. (Do you think the gov can or are willing to control spending?)
“Geithner to Reassure China U.S. Will Control Deficits”
http://www.bloomberg.com/apps/news?pid=20601087&sid=ah39LPw9pePU
I’ve addressed this many times in the paste stating that the FED is in a Catch 22 situation.
If the FED raises rates (to curb inflation risks) or allows higher rates (bond market sets prices), that could cause consumers and banks in a difficult credit situation again.
The result could create a “double dip recession” where obtaining credit is not only difficult, but also more costly. Refinancing could also be more costly. This would also hurt or reduce bank profits, and increase costs to banks and businesses in an already fragile economy.
Further, what is worse is that higher rates will increase the net interest cost on the National Debt. The US Gov has borrowed over $ 10 trillion in total currently and has guaranteed, back stopped, lent, gave approx $ 15 Trillion more.
Can you imagine what higher interest rates could do to this kind of debt? It means we all will have higher taxes in the future no matter what your income is, it will be felt on all levels.
So the gov does not want higher rates right now.
The flip side (Catch 22) has been the inflation risk until last week or so.
Inflation makes things cost more, and while the stock market had soared 30-40% in the last quarter after being down about the same just prior to that this year alone, rising costs to consumers on basics such as food and energy (gas) is not what people need right now. But if you keep rates low inflation is the risk; if you keep rates higher, consumer spending is cut and the economy can tank again.
The FED has recently decided it will attempt to keep interest rates down by purchasing up to $ 1 Trillion more in US Treasury Bonds and gov’t mortgages.
“Fed Plans to Inject Another $ 1 Trillion to Aid the Economy”
http://www.nytimes.com/2009/03/19/business/economy/19fed.html
Recently oil prices have fallen, and a weak jobs report on 07-02-09 raised concerns of this double dip recession (again).
Higher oil prices were bullish for the market and helped increase stock prices, suggesting an economic recovery was underway. Ehhhh, I would not get overly optimistic just yet.
Now that oil prices have been falling, and the jobs reports are not looking so hot, the market is less concerned with inflation at the moment and more concerned of deflation (no or negative growth) or stagflation (some inflation plus a recession).
Here is the thing. In order for the economy to recover, one part of that equation means that interest rates have to go higher. Consumers must also begin spending, and jobs need to be created, not lost to the tune of approx 500,000 a month.
http://answers.yahoo.com/question/index;_ylt=Al32VQIrJFthvI7R5Pkd3zzsy6IX;_ylv=3?qid=20090702082637AAZjkDp&show=7#profile-info-HxBhOZjZaa
So what would I do?
If you found a rate that you can live with, I would try and refi if it saves you on your monthly mortgage without extending the term of the mortgage.
I would NOT, take out any cash in the refi for any reason. This is part of the reason why people are underwater on their house. They took out equity that may have existed at the time but does not now, and they are still paying on it as if the equity was there.
It’s like they are paying on a house once worth $ 700,000 but is only worth $ 350,000 now.
I would also NOT get into any teaser, short term or adjustable rates. Short of a total financial collapse, longer term rates will go up and eventually the gov will not be able to do anything about it.
Choose a 30 year fixed.
Rates may go down a little if the economy slows again, but with Fed Funds Rate sitting at 0- 1/4%, the FED has really no room to lower rates any further.
http://www.federalreserve.gov/fomc/fundsrate.htm
Good Luck!